Global gold mining giant Newmont Corporation (NEM.N) is undergoing a significant corporate restructuring following its $17 billion acquisition of Australian miner Newcrest in 2023. According to an internal memo obtained by Reuters, the restructuring has affected approximately 16% of Newmont’s workforce, through job eliminations, unfilled positions, and changes in role levels, as part of the company’s efforts to streamline operations and integrate the two businesses.

Project Catalyst: Streamlining Operations

The internal overhaul, known internally as Project Catalyst, aims to enhance productivity and reduce costs while combining Newmont and Newcrest operations. The restructuring targeted multiple employee tiers:

• Level of Work 2: Superintendents, leads, and specialists saw roughly 12% of roles reduced.
• Level of Work 1: Advisors, officers, operators, and maintainers experienced approximately 10% role reductions.

A company spokesperson emphasized that the restructuring was completed a month ahead of schedule, aiming to minimize prolonged uncertainty among staff.

As of December 31, 2024, Newmont employed about 22,200 full-time staff, alongside 20,400 contractors, underscoring the scale of the workforce impacted by these operational changes.

Post-Acquisition Strategy

Since acquiring Newcrest, Newmont has taken steps to refocus its portfolio on high-return assets and divest non-core operations, including the sale of over $2 billion in Canadian assets. These measures were accompanied by debt reduction and job cuts to optimize efficiency and profitability.

CEO Tom Palmer, who is set to retire on December 31, 2025, highlighted the company’s ongoing commitment to strengthening strategic partnerships, particularly with Barrick Gold in the Nevada Gold Mines venture. Newmont holds 38.5% of the joint venture, while Barrick owns 61.5%. The partnership aims to maximize output from Northern Nevada operations, one of the world’s largest gold mining complexes.

Focus on Productivity and Cost Reduction

Newmont emphasized that the restructuring reflects “one of several steps we are taking in 2025 to reduce our cost base and improve productivity.” The company continues to review its global portfolio to identify areas for growth, operational efficiency, and partnership optimization.

This restructuring comes at a time when the global gold mining industry is increasingly focused on efficiency, cost management, and maximizing returns amid fluctuating commodity prices. Newmont’s strategic moves, including Project Catalyst, position it to strengthen profitability and long-term competitiveness.